A new $18.5B senior gold producer just got born in North America.
Equinox Gold Corp. and Orla Mining Ltd announced: all-stock plan of arrangement, 1.00 EQX share per OLA share. Pro forma 67% Equinox / 33% Orla on a fully diluted in-the-money basis.
Implied combined market cap US$18.5B. Combined 2026E EBITDA US$3.4B, free cash flow US$1.4B, liquidity US$1.4B.
1.1 Moz of gold expected in 2026 — Greenstone 450 koz + Musselwhite 235 koz + the legacy Equinox Americas portfolio.
A funded path to 1.9 Moz from Valentine Phase 2, South Railroad, Castle Mountain, Los Filos and Camino Rojo underground.
22.7 Moz P&P reserves. 25.1 Moz M&I (excl. reserves). 13.0 Moz inferred. The reserve number is the one to sit with.
Break fees US$475M / US$250M. Voting support locked in from c. 20% of Orla holders, including Pierre Lassonde and Fairfax affiliates. Shareholder votes July, close Q3 2026.
By market cap, the new Equinox Gold slots in around 9th globally among senior gold producers — between Northern Star Resources (US$22B) and Endeavour Mining (US$16B), comfortably ahead of IAMGOLD, B2Gold, Eldorado Gold, SSR Mining and Centerra Gold.
The reserve base is the differentiator: 22.7 Moz P&P is in the same conversation as Gold Fields and Kinross, on a fraction of the market cap.
Three Canadian mines anchoring 685 koz of domestic production also gives the combined company a jurisdictional-quality story that most peers below US$25B cannot tell.
Watch list: who else in the second tier has the asset base for this kind of re-rate trade? Less searching. More strategising.™
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